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of the dow so far in 2010. let's get over to mary thompson now for the very latest on bank of america, the other dow reportee today. >> like jpmorgan, bank of america handling and beating street estimates. a record economy and strong sales behind the trade numbers as the much aligned merrill lynch acquisition continues to pay dividends for the bank. ceo brian moynihan had this to say about the quarter earlier today on "squawk box." >> well, i think our global banking and markets business, our investment banking business had a great quarter, and i think the other area i'd say is the credit sim proving. it's still way too high from our standards, but it is improving and both those are good news for our company. >> earnings of 28 cents a share were 17 cents ahead of estimates. five of the bank's six units, including the troubled credit card business, posted profits. still, net income declined to $3.2 billion from $4.2 billion last year as charge-offs for non-performing loans increased. on the plus side, the $9.8 billion set aside for future loan losses with $3.6 billion less than was set
that the rest of america plays, not new rules as they go along, but the same rules that all of us play by. you destroy the jobs, help us create 11 million jobs. they should help pay for it. >> i understand that you're making a point and you want to make a clear line in the sand here, but isn't it fair, or at least would you acknowledge that it was more than just bankers that caused the problem in america, right? a lot of big union-run and union dealt with institutions like the car companies also failed, and that wasn't just the fault of wall street, was it? >> a lot of them didn't fail. >> right? and some of them did and received more bailout money than any individual bank. >> any manufacturing took our economy to the brink of disaster. this did. wall street did. and they haven't learned the lesson. if you look at gm, they've paid the money back, they're getting great cars, they're getting market share, they're creating jobs. these guys took $13 trillion worth of assets away from average americans and they haven't learned the lesson. they're back to the same old stuff. that's why we need wall
totally different. greece meantime launching a multibillion dollar u.s. bond issue in america next month, hoping to raise between $5 billion and 10 millions from american investors. and ail co- alcoa joining others and takes in $80 million charge for health care. >>> hewlett-packard and united technology near their 52-week highs as we count you down to the opening bells. let's talk large caps with bill speed, ceo of speed capital management. you got your name on it, you can be all the things you want to be. why do you continue to be bullish for large cap stocks? >> large caps have underperformed small to midcaps for the last ten years. >> as we watch the opening bell here, sorry. >> that's one of the longest stretches that have existed in any 40, 50-year time period . so what you mentioned is interest rates may go higher. if interest rates go higher, that's the friend of the cash heavy large-cap company. >> all right. are we coming back to bill in a minute? okay, bill, back to you in a few minutes we want to get the premarket buzz here for the opening bell. as you see here at the big boa
on goldman? in other words, you know, bank of america, according to "the economist" magazine last week, did three times as many cdos in the residential market than goldman did, and jpmorgan did two times as many. so, why are they picking on a company which ranks apparently sixth or seventh in the sector? and it's because the company hasn't protected its franchise properly. and i think that's extraordinarily bad and something has to be done about it. >> should management go? >> i think there's going to be a change in management. i think that if you go back in time, there was always two people who were co-chief executives of this company, and one person, you know, in essence, was the inside guy. the other guy was the outside guy. goldman doesn't have the outside guy. in addition to that, you know, it would appear to me that you've got to bring in some kind of outside legal experts who write a new mission statement for the company to kind of show that even though they may have not been guilty of any fraud -- and i don't think that they were -- that there is an ethical issue that has to be brou
in america. what's the best fix for the tax system? flat tax, national sales tax, millionaires tax, gas tax, vat? >> no tax. >> no vat? that's not on the list, i'm sorry -- oh -- >> that is. >> value added tax, yeah. all right, "squawk on the street" -- didn't you tell me that was not the address for this poll? yeah, that is wrong. the address for this poll is cnbc.com. >>> and watch "taxing america" at 1:00 this afternoon. >> by the way, mark, a vat goes on top of your income tax and local sales tax. it is not a replacement. it is on top of. >> what, the vat? >> yes. i just want to make sure people don't think it's a swap. it's an extra. we'll be back. >>> welcome back to "squawk on the street." yes, there are more data points today! march industrial production was up 0.1%. this is much less than people were looking for, but we did have a positive revision last month from up 0.1%, up 0.3%. capacity utilization at 73.2% was close to what we were looking for and it really has moved up nicely. originally reported as up to 72.7%. that was revised to $73%, and this number takes us to 73.2%. did
at bank of america merrill. expedia upgraded, so a number of upgrades on some stocks today, although i did say we are going to be flat off the open after six consecutive weeks of gains. finally, california pizza kitchen talking deals here, says it is exploring strategic alternatives, including a positive sale. erin? >> thank you very much, scott. >>> the national bureau of economic research isn't ready to declare that the recession is over. still, though, a lot of economists are coming out and getting a little bit more bullish. cnbc's senior economics reporter steve liesman has the full story this morning. steve, just to make it more exciting, i've been referring to it this morning as the council of wizards as opposed to the nber, just to sauce it up a bit. >> yeah, and they're all about four feet tall and they stand behind a curtain and they push buttons and determine whether or not the recession is over. but forget about the academic council. let's talk about the wall street economists, where forecasts have turned rosier really with the weather. over the weekend, several economists raise
on wednesday. bank of america will be on friday. we did get talbots out with earnings from the quarter ending in january. better than expected. and their guidance for the full year in the quarter are also above analysts' expectations. talbots has been hitting the ball off the cover recently. we're at a new high on talbots. then many of the retailers also are sitting at new high. we have talked to death about alcoa. it was a disappointment. top line was a real disappointment. and while prices were going up, it is a simple problem, demand is weak worldwide and alcoa can't get around that, no matter how much they cut costs. erin, back to you. >> thank you, bob pisani. alcoa, lower before the bell this morning. first big -- the first dow company, first big companies to report earnings for the season. it was a net loss for the company. its fifth loss in six quarters. now, see, this is why alcoa is a messy company. because they always have about 50,000, yes, i'm exaggerating but doing it to make a point, things that are one time that they want to strip out. if you do that, they say they earn ten ce
. look what we've got. we've got citi, jpmorgan and bank of america all reporting numbers that were pretty good. there's two problems. number one, much of the gains we've seen already priced in the way the stocks are trading. ci citi's up 37% year to date, bank of america up 22%. the problem is the financial reform thing you were talking about the senator, that throws a monkey wrench into potential earnings down the road because it could be much more aggressive than the street expected. much of the gains in the s&p 500 for earnings this year are financial gains. that could be a big problem. halliburton came out with numbers that were very good, 3 cents above expectations. more importantly, north america really has improved. recounts up. they may have opportunities to increase the pricing level. here's the concern -- natural gas prices are way down. if this continues, there will be pressure on halliburton to cut prices for all the rigs that they have out there. and speaking of lower prices, sharon over at the nymex, i see oil down $2 again today. >> it is, and bob, the traders here h
-quarter numbers easily topped targets, what does that mean for citi and bank of america, out later this week? and fed chief ben bernanke testifying before the joint economic committee today. we'll head live to the hill and hear from mr. bernanke. >>> do you think fed chief bernanke is good or bad for your money? that's our street poll today. simple yes or no. squawkonthestreet.cnbc.com. is where you vote. >>> all right, mark, have you seen the second page of the "new york post" or the front page of the "wall street journal"? >> yeah, i noticed that picture. they don't look happy. >> well, this is our picture of the day. french president nicolas sarkozy and russian president dmitry medvedev going bliallistic duri yesterday's nuclear summit. >> don't either one of thome know it's impolite to point? especially the way -- i mean, they've practically got their fingers up each other's noses. >> yes, they do. and i've got to say, sarkozy looks even angrier and more vicious than medvedev. >> medvedev looks like he's keeping it under control. >> because you know why, look at the guy leaning in behind
the markets higher right now? >>> and later, new details on legalizing marijuana in america. trish regan has some surprising revelations from our cnbc associated press poll. that's coming up after the opening bell. ♪ well, look who's here. it's ellen. hey, mayor white. how you doing? great. come on in. would you like to see our new police department? yeah, all right. this way. and here it is. completely networked. so, anything happening, suz? she's all good. oh, my gosh. is that my car? [ whirring ] [ female announcer ] the new community. see it. live it. share it. on the human network. cisco. >>> we got you now to the opening bell. here is a check on the futures right now. we're gaining strength. well, no, actually, no, we're not. but we're still looking good. s&p looks like it will rise, oh, i don't know, going to say they took it away before i could do the math. but the dow was looking up about 20. s&p up maybe 6. >> a few stocks on the move now for the real time flash, get to work matt nesto. i'll do it. harley-davidson trading, as you can see, 32.77, going to open higher. first quarte
a big ipo pricing. ipos are back over the last few weeks. pri america pricing at $21.36 million. i'll have a interview with the co-ceos at 9:35 eastern time. carmax reported better earnings. used car sales were up, prices were up and market shares were up, a trifecta for carmax. micron also up nicely, better-than-expected earnings. dram memory volumes also higher than anticipated. borders is up. it's only a $2 stock, but earnings are better than expected and they repaid a loan from pershing square capital management. tradertalk.cnbc.com. melissa, back to you. >> thank you very much, bob pisani. >>> also "front & center" this morning, a "new york times" report saying the top hedge fund managers are back in business and back in business big time. david tepper ranking at the top of the fund managers. his flagship fund reportedly up 130% last year. the runner-up, george soros, rank i ranking $3.3 billion as his fund shot up about 20%. jpmorgan's jamie dimon attacking what he calls the demonization of big banks by the political establishment. defense of his industry came in a letter to
of different businesses. and it wasn't just in asia. north america and europe, double-digit volume increases here. finally, also corning made positive comments as well about tv sales. tradertalk.cnbc.com. mike huckman, how are we looking at the nasdaq? >> thanks, bob. good morning, yes, the nasdaq did suffer its biggest one-day point and percentage gain -- or drop, rather, in nearly three months yesterday, but let's not lose sight of the fact that the nasdaq is up so far this year almost 9%, and it's up 3% so far this month. right now we're up 0.4% or 10.5 points here at the open. we have got a lot of earnings and upgrades that are moving stocks here today. let's start in tech and telecom. first of all, rf microdevices up 8.5%. the company beat and raised guidance as well. broadcom, same story. and beat and boosted getting two analyst upgrades, raising price targets to $10.50 and $11 at jefferies and jpmorgan. let's go to sharon at the nymex. sharon. >>> traders in the gold pit are looking at gold prices that continue to rally here, but we have pulled back a little bit from the 2010 high. we
the estimates by a full 50%. north america, a profit there, which we haven't seen in a long time, pretax property there, $1.2 billion, expects solid profits for the year, maintaining its outlook for u.s. auto sales in the 11.5 to 12 million unit range and europe, even better growth over there, or even better sales. 14 to 15 million cars. fords being sold over there. the escort, that's a nice car. and moving on to dupont, a nice story as well. you can see that stock inclined to open lower on this day, where we expect shares to open lower. the quick hit here, 1.24 was the number number, 1.06 was the estimate. $8.5 billion in the quarter versus an estimate of $8.1 billion. i would love $400 million right now. mark, erin, back to you. >> thank you, tyler mathisen. final countdown to the opening bell, we're looking lower, coming your way. we'll see what to expect. >>> we're counting you down to the big goldman sachs testimony. wall street at the center of at the least a political storm. they will be answering to a senate panel about the goldman role in the financial crisis. >>> also on the ot
think america should adopt a flat tax. this is a simple vote today, yes or no. >> i like that. i like that. >> squawkonthestreet.cnbc.com. >> all right. you can take a look at futures right now. we are looking for a higher opening. let's get more on what is moving ahead of the open, and we start with scott wapner at the big board. good morning, scott. >> good morning, david. futures are higher, europe was higher, the dollar is a bit weaker, so we will have a higher open today. let's talk about the stocks making news this morning. alcoa is going to kick off earnings season beginning of next week. stock's down, though, 1% premarket it was downgraded ahead of those earnings. that was to neutral over at jpmorgan. it also got downgraded, i believe it was on monday, because of some rising energy costs and another firm sees a disappointing first quarter out of alcoa. so that's an important earnings report to kick off this earnings season. chevron is up premarket, saying its first-quarter earnings are going to be better than the fourth quarter. they see improved refining margins. interesting
-- >> you're watching the opening bells here at big board. ing investment america, it's become very loud, marking the recent listing behind the industrial fund, ticker ide. and at the nasdaq, celsius holdings, ticker cdlh, a maker of calorie-burning beverages. >> is that like those things where you can sit on your couch and the abs move your -- the abs machine moves your abs really quickly so you can have a beer and burn -- >> that sounds interesting. >> damon is with us now. damon, what's your take on the day ahead? >> good morning. yeah, a few things that we've seen over the last few days and would expect to continue, and we'll be closely watching the message out of the testimony regarding the mortgage industry. in the real estate market, the reits have been really strong over the last few days and we've seen on the etf and index, we've seen in the iyr, i-shares etf, strong buyers, aggressive buyers on the opening and the close. we saw heavy volume end of the close with buying coming in for investors, and then yesterday in the options market, an aggressive buyer of what's called a risk
up, and what is of as a percentage of bank of america assets -- >> but that $50 billion is supposed to be a fund to pay for the process of unwinding the bank. that's not $50 billion to bail them out. >> right, but it may not -- if it is not enough -- >> you can't just lock the door and walk away. >> right, but if it isn't enough to deal with the issue, then you're going to need more and they have the right to go to the fed for more, and that is -- >> right. my point -- >> -- you. >> my point remains the same as it's always been. i agree completely with governor dean, what he said. >> yep. >> i believe -- i hope i'm not putting words in his mouth. basically, you want to avoid too big to fail completely. you can't let them get that big. you've got to break them up, because once they get to a certain critical mass, they are too big to fail. am i correctly stating what you're saying, governor? i didn't realize -- >> that's right. no, i think that's right. i think that you -- if you're going to have basically speculation, that's got to be on the institution, not on the taxpayers. but the
america, not a lot in asia, nothing to australia, and united's network would take care of those weaknesses. continental was hesitant to merge, hesitant to get into consolidation unless they had to, and united, by sort of flirting with us airways, may have convinced continental that it would have been by far what would have been the smallest of four major airlines, four major network carriers, and that it was time to get into the game. >> vaughn, do you agree that ual or uaua and cal would be the most likely? and if so, what other combinations might be out there? >> well, hi, melissa. well, we've been making the case for united/continental since 2004. we've done extensive modeling work, financial analysis, and we find that the market value of a continent continental/united post merger would -- the net increase in that value would be twice that of the u.s. air and united. the joint venture in the atlantic with united and star member a.n.a., and in the -- excuse me, the pacific and the atlantic, which has already been approved, is as close to a merger in those foreign markets as an airline ca
kind of flat, up 1% there. latin america up 1%. quaker foods down 1%, and the beverage business in this country down about 4%. so, a mixed picture from earnings central at this hour. erin? >> thank you very much, tyler. >>> and now let's get to john harwood. john, i believe you're there, hooked up, ready to roll? cooper union? >> reporter: i'm ready to roll, erin. exactly. >> everyone's been talking about how the president told you categorically he found out about the s.e.c. charges against goldman on cnbc. what do you expect to hear from him today? >> reporter: well, i think he's going to continue to try to make a closing argument for financial regulation, saying it's good for the interest not only of average americans who will be in the audience -- and he's going to say these will be the people who will be hurt if we don't reform wall street regulations -- but also for wall street itself by building public confidence. now, obviously, a lot of people on wall street, erin, don't see it that way. the lobbyists for the industry are fighting certain aspects of the regulations. but
,000 jobs will be lost and america will have to rely more on foreign energy. but will ethanol ever survive without subsidies? i didn't get a direct answer, but -- >> if we ever get to a point where the oil industry isn't receiving subsidies across the globe, then perhaps you can have a level playing field. but as it is, the world subsidizes energy, and so, choices need to be made. >> a bill has been introduced in the house to extend the subsidies five more years, and it could be taken up as early as next month. back to you. >> thank you very much, jane. >>> we've still got a lot more to come. markets on the move, 10,866, so below that 10,900 level. i have a toad in my throat. we have a possible airline deal in the works. plus, big news in the currency spat with china. and of course, the testimony going on on capitol hill for chuck prince and bob rubin, facing the firing squad. we will be back in two minutes. if you're taking 8 extra-strength tylenol... a day on the days that you have arthritis pain, you could end up taking 4 times the number... of pills compared to aleve. choose aleve and
and america. so, i think it's an ongoing theme. >> frank holmes, thank you very much. we appreciate it, as always. got a lot in there. >>> and next, gm's vice chairman stephen girsky. you heard phil lebeau promise that. mark, you should have seen phil lebeau it was like it used to be in the exchange. people were pushing and shoving and pushing around. i was impressed he was able to speak. oh, there it is! just unveiled, the new benjamin. >> that's the new $100 -- >> why does it have -- i don't like the look of the new security -- >> it's like monopoly money. >> it looks like it's ripped in half. >> all right. well, we'll -- you know what's most important is how you spend it. >> we'll be back. >>> 7:36 on the west, 10:36 on the east. and in the headlines at this moment, stocks are in positive territory across the board. better than it looked at the open. the dow is led higher by boeing, bank of america and jpmorgan. shares of appm, though, are the standout of the session, up nearly 6%. quarterly profit ahead of expectations. 13 analysts have upgraded this stock today. revenue was up 49%
's berkshire hathaway getting another accolade. a survey puts berkshire at the top of the list of america's best regarded companies. also finishing high in the standings, j&j, google and 3m. the worst reputation -- what a shocker, david -- belongs to freddie mac. and i'm sure there are some companies who are breathing a deep sigh of relief, saying, oh, freddie got it this time. >> yeah, i know. there's any number, i would imagine, erin, that could lay claim to that title. >> yep. >> freddie mac. i wonder why freddie, not fannie, or -- well -- >> that's a good point. >> well, they have the years ahead to actually -- they can switch off each year, if they choose to. >>> british prime minister gordon brown says the world's largest economies are close to agreeing on a global tax on banks. the ft reports it would cost the financial sector billions of pounds a year. brown says the uk, france and germany have broadly agreed. he hopes the united states will join them. brown is calling it a "global responsibility levy" and says he wants an accord struck at the g-20 summit in seoul this coming nove
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